Page 2 of 129

Today we give you an analysis of the Evanston IL Real Estate September 2018 market report. Evanston has had a seller’s market for a long time and that is changing. At least for the last quarter of 2018. Consider this to be an opportunity for buyers.

This report covers a 30-day time frame ending October 14 of 2018. We compare the stats to the same time frame but one year ago. This is a good indication of the health of the Evanston IL real estate market.

Overall, we have a 3% drop in new listing. Closed sales are down 4%. However, Evanston has a 9.6% change in inventory of all types of homes. Let us break it down further. That is single family homes and attached property or condos.

Click Evanston IL housesfor sale and Evanston IL condos for sale to see the latest inventory. This is a direct link to the Multiple Listing service or MLS. The data is updated as it is listed. Feel free to take advantage of this tool.

New listings of single-family homes are down 10.8%. Under contract properties are down 3%. Closed sales of houses are down 24.2%. The average sales price is now down 7.7% to $576,496. The average market time is up 3.1% to 66 days.

New listings of condominiums are up 4.3%. Under contract condos are down 36.5%. The average sales price is down 13.2% to $225,000. The average market time is down 6.5% to 43 days before a contract.

Evanston IL Real Estate September 2018

We are Coldwell Banker Evanston. Call us day or night at (800) 858-7916. There is an agent on call to answer your real estate questions and help you in any way. First time home buyers are very welcome. We will guide you through the entire process.

Evanston IL is a very popular community to call home. Public transportation is very accessible via the Metra and EL trains.

The Dow closed 830 points lower, Intel and Microsoft slipped more than 3.5% each. The Nasdaq lost more than 4 percent.

The S&P 500 slipped 3.3 %, with the tech sector underperforming. The broad index also posted nearly a week-long losing streak. The worst since November of 2016 when we fell below its 50-day and 100-day moving averages, widely followed technical levels.

Correction or Crash?

Together the Dow and S&P 500 posted their biggest one-day drops since early February, while the Nasdaq had its largest single day sell-off since June 24, 2016.

Stocks have fallen this month. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. The Nasdaq has lost more than 7.5 %. This is scary for investors who do not have the patience.

Rising interest rate news and a pivot out of technology stocks have made it a rough last few days. The Dow dropped in four of the past five sessions, losing nearly 900 points over that span. Is this a correction or something worse?

Shares of Amazon declined more than 6 percent Wednesday, while Netflix slid more than 8 percent. Facebook and Apple also fell more than 4 percent each. These stocks are top performers for the year and for most of the bull market. For the overall tech sector in the S&P 500, it was the worst day in seven years.

Fear regarding a sharp rise in interest rates also pressured equities. The 10-year Treasury note yield traded around 3.23 percent a couple of days after hitting its highest level since 2011. The two-year yield, meanwhile, reached its highest mark since 2008. The speedy rise in yields has sent worries through Wall Street that higher borrowing costs will slow down the economy.

Rates rose on Wednesday after the U.S. government released data showing a rebound in producer prices last month. The producer price index rose 0.2 percent in September and is up 2.8 percent on a year-over-year basis. The index is a widely followed metric of inflation.

Dow Drops 830 points Wednesday the Worst Correction Since February

The recent rise in rates comes ahead of the start of the latest earnings season. Banks such as Citigroup and Wells Fargo are scheduled to report earnings later this week. Overall, analysts polled by FactSet expect third-quarter earnings to have risen by 19 percent on a year-over-year basis.

Stocks also fell as their European counterparts dropped on worries over Italy’s budget. The Stoxx 600 index fell 1.6 percent, while the German Dax dropped 2.2 percent. France’s CAC 40, meanwhile, pulled back 2.1 percent.

The most underestimated stage of the process is perhaps the preparation that goes into readying a home just for the open house. Often it is hard to know where to start. While real estate agents can help walk you through the process and offer advice, there are many decisions that are ultimately yours to make.

An Open House is About Exposure

Hosting an open house is a great way to help speed up the selling process. Done right, an open house gets the right buyers through your door. If not the day of, soon after.

According to US News and World Reports, a proper open house happens the first weekend the home is listed. It should serve as an announcement that it is for sale and get as many people inside to look around as possible, including your nosey neighbors.

People talk, and you never know who knows someone looking for a home. This is why it’s essential your home makes a strong first impression and stands out in people’s minds.

Make Sure Maintenance is Up to Date

If you have any lingering maintenance projects, do them before you place your home on the market. Most buyers are looking for a home that is ready to move into and after putting down a large down payment won’t want to fix that leaky pipe or any broken light switches.

Patching up these problems ahead of time is well worth the investment and will see your home off the market much faster. Smart sellers will also keep a list of all the updates they made to the home while they lived there to show buyers to show off how up to date it is.

Consider Small Renovations

You may want to consider making a few updates to your home to make it appear fresh. Pay attention to the floors because worn carpets and scratched hardwood can be a huge turn-off. If you have the budget, use it here.

Updating the lighting fixtures is another excellent way to update your interior on a limited budget while still making it look expensive. Applying a fresh coat of paint to patch up any chips is a great cheap and simple way to liven up a home. Houzz.com recommends removing any bright and bold colors and sticking to neutrals.

Declutter and Depersonalize

Help buyers see themselves living in your home by removing any trace of you. Take down family photos, sports and religious items, and any bold and personal interior design. While this may be difficult, remember that you once you put your home on the market, it becomes a product.

Be sure to declutter your home. Not only does this help depersonalize, but also help your house feel bigger. Do not be afraid to play around with your floor plans either. Some real estate agents will even tell you to remove one piece of furniture from each room to help it appear more spacious.

Setting the Stage

A good staging can help sell your home sooner. Your home should be spotless the moment it is officially on the market until the day it sells. Consider deep cleaning your carpets and power washing the side of your house. Counters should be scrubbed clean and closets and drawers organized.

Once clean, focus on making your home welcoming. Focus on the entry points, like the yard and front entrance to draw buyers inside. Brighten rooms with flowers and let in the light. Be sure to set the dining room table and have new towels in the bathroom. Even consider the age-old baking cookies trick to make the house smell inviting.

Make the buyers feel that they are entering a home they can live in.

On the Market

It is nerve-wracking placing your home on the market. If the process is taking longer than you’d like, do not be afraid to seek out feedback on your home from real estate agents and friends on how to make it more welcoming. Be patient. The right buyers will come along.